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3 years ago

For external reporting, income statements are generally prepared using.

1 answer:

6 0

For any form of external reporting, income statements are generally prepared using Absorption variable and Variable costing costing is used for internal decision making purposes.

<h3>What are the income statements?</h3>

The income statement is one that is based on some key items such as revenue, expenses, loss, etc.

An income statement is said to be a form of financial report that gives details a company's income and expenses in course of a reporting period.

Learn more about income statements from

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Robert is the sole shareholder and CEO of ABC, Inc., an S corporation that is a qualified trade or business. During the current

goldenfox [79]

Answer:

A. $287,000

B. $192,050

Explanation:

a. Based on the information givenwe were told that company ABC had net income of the amount of $287,000 after deducting Robert's salary of the amount of $86,100 which therefore means that ROBERT'S QUALIFIED BUSINESS INCOME will be the amount of $287,000.

b. Calculation to determine whether your answer to part (a) would change if you determined that reasonable compensation for someone with Robert's experience and responsibilities is $181,050

Based on the information given the amount of $192,050 will be the additional amount of salary that can be deducted which is Calculated as:

=[$287,000 - ($181,050-$86,100)]

=$287,000-$94,950

=$192,050

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3 years ago

Effects of business controls on the current and future operations of an enterprise

irina [24]

Answer:

The main benefit of an enterprise system is that it makes the jobs of managers and employees easier. These systems automate repetitive business processes so that your staff is more productive. For example, these systems might send sales emails, process employee pay or even place automated inventory orders.

Explanation:

mark me as a brainlist.

6 0

3 years ago

It is January 1 of Year 2. Sales for Harry Company for January, February, and March are forecasted to be as follows: January, $2

r-ruslan [8.4K]

Answer:

$248,000

Explanation:

Given that 20% of sales are for cash, Of the credit sales, 10% are collected during the month of sale, 30% in the following month, and 60% in the second following month. It means that credit sales is 80% of sales.

Cash collection for January will include 20% sales in January, 8% (10% * 80%) sales in January, 24% (30% *80%) sale in December and 48% (60% * 80%) of sales in November.

The forecasted amount of total CASH COLLECTIONS FROM SALES in January

= 20% * $200,000 + 8% * $200,000 + 24% * $400,000 + 48% * $200,000

= $40,000 + $16,000 + $96,000 + $96,000

= $248,000

4 0

4 years ago

A business process is defined as a network of activities that generate value by

qaws [65]

Transforming input into output

3 0

3 years ago

Kansas Enterprises purchased equipment for $78,500 on January 1, 2021. The equipment is expected to have a five-year service lif

Zepler [3.9K]

Answer:

Annual depreciation= $28,940

Explanation:

Giving the following information:

Kansas Enterprises purchased equipment for $78,500 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $6,150 at the end of five years.

Annual depreciation= 2*[(original cost - residual value)/estimated life (years)]

Annual depreciation= 2* [(78,500 - 6,150)/5]= $28,940

5 0

4 years ago